einen schönen guten morgen ...... Sky Petroleum, Incorporated OTCBB: SKPI $1.58 Research Report Industry: Oil, Gas & Energy Rating: Strong Speculative Buy (Change) Price Target: $2.70 By: Richard R. Wolfe, CFA
Sky Petroleum Maintained At Strong Speculative Buy Rating; Substantial Progress In Its Two-Well Initial Drilling Program In The Mubarek Field
June 23, 2006. Since our initial report of November 17, 2005, Sky Petroleum Inc. (OTCBB: SKPI) has evidenced substantial progress in its two-well initial drilling program in the Mubarek Field offshore the United Arab Emirates (UAE), where the Company is party to an international oil and gas participation agreement. Drilling of the first of two fully paid-for development wells has been concluded by Crescent Petroleum Company International Limited (Crescent), the operator of the Mubarek Field, and at last report (June 21) Crescent was engaged in well monitoring and control efforts aimed at boosting lower-than-expected initial flow rates. At the close of the first quarter, the Company held approximately $7.5 million in cash and liquid investments after satisfying the last of its required payments for the two-well initial Mubarek program. Funding should be more than sufficient for working capital needs and to begin a planned exploration program in the vicinity of Sir Abu Nu'Ayr Island, where Sky's participation agreement gives it the right of first refusal on a second oil and gas concession held by Crescent for exploratory purposes. Download Research Report
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